Aldeer.com Forums Alabama Deer Talk Aldeer General Forum 401k Average Balances by Age...

This thread just reinforces my belief of generational stereotypes


WW2 - Bravest but horrible political leaders (see the 60s)

Boomers - the absolute most narcissistic generation on the planet but they worked pretty hard

Gen Xers - cynical and terrible money managers; strong leaders

Millenials - caring generation but completely devoid of common sense and lazy, the most responsible with money of all generations

I think you meant irresponsible

Naw. That’s just a facet of retirement planning. Lol

No actually the vast majority of millenials I’ve met through work and such are very frugal and overall fiscally responsible.

True. My parents live a very comfortable life and have been fortunate enough to save a lot of money, but they're not saving it for them, they're saving it to give to me. I think a lot of parents don't think about saving for their children's future, whether it be money or papa's favorite gun...

Best investment I ever made was a safe deposit box.

In this thread is a bunch of folks bragging about themselves. Good for you and your future, I'll say. Many ways to 'invest' in one's future. The stock market is the least of them.

You all in on the Bitcoin and 420 friendly medicine?

Nope. Maybe I should be. 420 shows more potential than anything here.

Lots of my farmers gearing up to grow this hemp. The farm bill got it going. Gonna be interesting

Hold on, I never said our 25 yo in a low paying job couldn't save some , he ain't gonna be living out on his own and maxing out. If you had a low paying job, lived on your own and maxed out your 401 and roth , did it all on your own . Car payment , rent/house payment, taxes, monthly bills , on and on, we'd all like to hear how you pulled that off.

That's actually the time that you should be doubling down and contributing even more money. It's called dollar cost averaging. The only time that you should be concerned about the value dropping is as you near actual retirement where you stop putting new money in. Until then... When the stock market is low, you are buying stuff cheap, and when the stock market is high you are making good money. That's basically what "dollar cost averaging" is.

I lost a ton of money in January, but it's coming back pretty quick.

I already have 3 properties. But I am coming up on a windfall and I am trying to decide if I want to invest it in the market or real estate. The problem with real estate is that it is not a buyer's market right now.

That's a great story. We bought our beach property and our mountain property back when land prices were low. Unfortunately for your suggested strategy, this ain't 2007 anymore.

Hell... "Maxing out" your Roth IRA is only $5500 a year! $5500 a year ain't going to get you through retirement. Sure Roth IRA's are not taxed when you pull the money out, but you're putting in way less money to start with so you have less money earning less interest over the life of the account. I'll put money in my Roth after I max out my 401k. Which for me is going to be $25,000 per year.

Hell... "Maxing out" your Roth IRA is only $5500 a year! $5500 a year ain't going to get you through retirement. Sure Roth IRA's are not taxed when you pull the money out, but you're putting in way less money to start with so you have less money earning less interest over the life of the account. I'll put money in my Roth after I max out my 401k. Which for me is going to be $25,000 per year.[/quote]



Do you have access to an HSA?
Again, that's not that much money but is another tax-advantaged account.

A pretty standard SOP looks usually something like this which I'm sure certain you do.

0. Establish an emergency fund to your satisfaction
1. Contribute to your 401k up to any company match
2. Pay off any debts with interest rates ~5% or more above the current 10-year Treasury note yield.
3. Max Health Savings Account (HSA) if eligible.
4. Max Traditional IRA or Roth (or backdoor Roth) based on income level
5. Max 401k (if
- 401k fees are lower than available in an IRA, or
- you need the 401k deduction to be eligible for (and desire) a tIRA deduction, or
- your earn too much for an IRA deduction and prefer traditional to Roth, then
swap #4 and #5)
6. Fund a mega backdoor Roth if applicable.
7. Pay off any debts with interest rates ~3% or more above the current 10-year Treasury note yield.
8. Invest in a taxable account and/or fund a 529 with any extra.

We both sock a lot away in our retirement, but at the same time we also have lots of fun adventures. We do live frugally compared to most people with our incomes, but we still have lots of fun.

Yep. This is why we are building our cabin ourselves with no mortgage. You don't need a lot of money when you don't owe anyone anything.

You have about as much chance of dying before you could enjoy your retirement as NorthSouthWestern Louisiana State has at beating Alabama in football. Sure it cold happen, but the odds are that you will live to see retirement, so why bet against it. The odds makers would say the smart money would be to bet on your retirement.

My Father never did and he's still working everyday at 85 years old so he can pay his bills. That won't be me.

I say good for you Irishguy. I teach so mine is called a 403B I max it our every at 18.500 and have for years plus max our my Roth every year.